This Friday, Petrobras announced a 5.5% drop in LPG (Liquefied Petroleum Gas)Brazil Agency
Published 07/05/2022 17:48 | Updated 05/07/2022 17:49
Between January 2019 (beginning of the Bolsonaro government) and March this year, Petrobras has already injected R$447 billion into the federal coffers, taking into account, in addition to dividends, taxes and royalties paid. The figures appear in the company’s tax reports.
Considering also what the company pays to states and municipalities, the amount that enters the public coffers reaches R$ 675 billion. The amount paid to the Union alone corresponds to approximately five times the Auxílio Brasil budget planned for this year, around R$ 89 billion. The money also comes close to the disbursement made by the government in 2020 with expenses related to covid-19, of R$ 524 billion.
The interim executive director of the Independent Fiscal Institution (IFI), Daniel Couri, says that, given the size of Petrobras’ contribution, its importance for the health of the country’s public accounts is very relevant. The calculation, roughly, is that Petrobras alone accounts for something between 1% and 2% of the total federal collection, being the largest individual contributor.
“Probably, alone, Petrobras is able to pay all health expenses in Brazil”, says the expert. Couri also recalls that part of these resources coming from the state-owned company are not stamped money, that is, they already have a mandatory destination.
Petrobras was the oil company that recorded, in dollars, the highest net profit in the first quarter in the world. According to a survey carried out by financial information company Economática, Petrobras’ profit of US$ 9.405 billion was almost double the US$ 5.480 billion recorded by American ExxonMobil, the world’s largest oil company by market value.
Rebutting the criticism that President Jair Bolsonaro (PL) made of the size of the state-owned company’s profit, still on Thursday night, Petrobras President José Mauro Coelho said yesterday that the surge in international oil prices had boosted results. of all the oil companies and that the profit of the Brazilian state-owned company is at the “same level” as that of the other companies.
Among the ten largest companies that have already released results, Petrobras’ profit was higher than that recorded by oil companies that earned more, such as Chevron, BP, PetroChina, CNOOC and Eni Spa – the Anglo-Dutch Shell has not yet released the balance sheet.
All the major oil companies in the world saw their revenues jump compared to 2021. Most also experienced a surge in net income. This was the case with Exxon Mobil (up 100.7%), Chevron (up 354.5%), Conocophillips (up 486.5%), PetroChina (up 46%) and CNOOC (up 1,315.9%) . Even in this regard, Petrobras was the absolute highlight, with an increase of 4,492% compared to the first quarter of 2021.
The good result is a direct effect of the war in Ukraine, which made the price of a barrel of oil in the global market soar, to a level above US$ 110 a barrel.
José Mauro Coelho, after the criticism made by the president, said that the company will keep its price policy linked to the variation of oil in the international market.
According to him, the better the company’s result, the greater the volume of taxes that are collected for the Union, which benefits society.
During a press conference, Coelho spoke specifically about Bolsonaro’s criticism. According to the executive, Bolsonaro’s concern with fuel prices is “legitimate”, but there is “confusion” regarding the main “vectors” of the company’s financial result.
“There is no significant relationship between Petrobras’ results and the readjustment of fuel prices. To give you an idea, 80% of the gains in the period (the first quarter) came from oil exploration and production activities and only 20% from all other segments”, he said.
According to Coelho, Petrobras’ board is not “insensitive” to high fuel prices at gas stations. So much so that the company “follows market prices”, but does not transfer the “immediate momentary volatility” to prices. However, at certain times, adjustments must be made to maintain the company’s financial health.
Coelho also stressed that the increase in oil prices is a global phenomenon, fueled by the war in Ukraine. Therefore, “the rise in fuel prices is happening all over the world and is a concern of all government leaders.”